Indonesian Religious Council Forbids Muslims from Using Crypto As Currency: Report

The National Religious Council of Indonesia has prohibited Muslims from using cryptocurrencies, claiming that the digital money violates Sharia teachings and therefore not be utilized by Muslims. According to Bloomberg, Asrorun Niam Sholeh, the president of the Indonesian Ulema Council, believes that the internet currency has "elements of uncertainty, betting, and injury," and so violates Islamic law.

This does not, however, imply that bitcoin trading is prohibited in Indonesia. Sholeh's conclusion, however, has far-reaching ramifications and may affect local institutions' adoption of cryptos. It's worth mentioning that Indonesia's Ulema Council decides on Sharia compliance in the nation, and the finance ministry and central bank frequently consult it on Islamic funding matters.